U.S. Bank Revenue From Derivatives Trades More Than Doubles
U.S. commercial bank revenue from trading over-the-counter derivatives and securities more than doubled to $7.4 billion in the first quarter from $3.5 billion in the final period of 2010.
Trading revenue declined by $854 million, or 10 percent, from the first quarter of 2010, the Office of the Comptroller of the Currency said today in a report.
“Trading revenues followed the familiar pattern of seasonal strength in the first quarter,” Martin Pfinsgraff, deputy comptroller for credit and market risk, said in a statement.
The U.S. Commodity Futures Trading Commission and Securities and Exchange Commission are leading efforts under the Dodd-Frank Act to write rules requiring most swaps to be guaranteed by central clearinghouses and traded on exchanges or other platforms.
JPMorgan Chase & Co., Bank of America Corp. (BAC), Citigroup Inc., Morgan Stanley (MS) and Goldman Sachs Group Inc. executed 96 percent of the $321 trillion of over-the-counter derivatives trades by the top 25 U.S. bank-holding companies as of March 31, according to the report.
To contact the reporter on this story: Silla Brush in Washington at sbrush@bloomberg.net.
To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net
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